August 5, 2011
- Crude oil has broken the weekly channel in which it was trending up.
- Trading below 89 - 93 will favor bears.
- 89 - 93 level will act as resistance in case of an up move.
- Trading above 93 will be bullish for crude oil.
- HEAD AND SHOULDERS OF UNITED STATES OIL
- Gold 30 Minutes chart with a trading range.
- 1639 - 1682 with 1657 as the mid point.
- If price stays above 1657 a retest of 1682 is possible.
- Below 1657 price may move towards 1639 level.
- Breakout from this range can give good move.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Weekly chart is yet to show oversold readings.
- Indicators in weekly chart is moving slower and price is moving faster sometimes this shows the strength of the trend.
- Important levels in weekly chart is getting broken easily. Was expecting 1217 to hold for at least one day, It did not. It seems next stop is around 1150 levels.
- Daily chart looks oversold and will it give a bounce? In a normal situation we would have seen a bounce But this one looks like a strong bear rally and most of the rally in such situations takes place by staying oversold. Even if we get a bounce 1217 levels which was broken may act as resistance.
- SILVER CHART ANALYSIS